Core Viewpoint - The "Measurement Support Action Plan for the Development of New Quality Productivities (2025-2030)" aims to enhance measurement capabilities across ten key industries, addressing critical measurement issues to support industrial development and innovation [1][4]. Group 1: Key Industries and Focus Areas - The action plan targets ten key industries including new generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1]. - In the new generation information technology sector, the plan emphasizes measurement needs for advanced chip development, high-precision time-frequency services, and new display product evaluations [1]. - For artificial intelligence, the plan outlines research on measurement testing for AI algorithms, autonomous systems, and the establishment of a cross-domain measurement testing platform [2]. Group 2: Measurement Challenges and Solutions - The plan addresses significant measurement challenges in the industry, such as the inability to measure certain parameters accurately, comprehensively, or at all, which hinders technological development [4]. - It highlights the need for national-level coordination to enhance measurement capabilities and bridge the gap between industrial measurement demand and supply [4]. - The implementation process includes collecting project demands, establishing a project database, selecting key projects, and promoting project management and application of results [4].

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Action Plan for Measurement Support for the Development of New Quality Productivity (2025-2030)", focusing on enhancing measurement capabilities in various key industries through advanced technologies such as artificial intelligence and smart manufacturing [1][2]. Group 1: Overall Requirements - The plan aims to support the development of new quality productivity by addressing major measurement needs in key industries, including information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1][2][3]. Group 2: Key Areas of Focus - **New Generation Information Technology**: Focus on measurement needs in advanced information technology fields such as chip development and high-precision time-frequency services [2]. - **Artificial Intelligence**: Emphasize the establishment of measurement testing platforms for AI algorithms and systems, enhancing evaluation capabilities [2]. - **Aerospace**: Conduct research on measurement technologies for spacecraft, commercial aircraft, and low-altitude economy [3]. - **New Energy**: Address measurement needs in solar, wind, nuclear, and hydrogen energy sectors, focusing on safety and efficiency [3][4]. - **New Materials**: Develop measurement methods and standards for advanced materials used in defense and emerging industries [5]. - **High-End Equipment**: Research measurement technologies for intelligent transportation and manufacturing equipment to reduce reliance on imports [6]. - **Biomedicine**: Focus on measurement technologies for pharmaceuticals and medical devices to enhance healthcare outcomes [7]. - **Quantum Technology**: Develop precision measurement technologies for quantum communication and computing [8]. - **Integrated Circuits**: Address measurement challenges in the integrated circuit industry, including standardization and defect detection [9]. - **Instruments and Meters**: Innovate measurement technologies for high-end instruments to support domestic production [10]. Group 3: Implementation and Management - The plan includes a project demand collection process, establishment of a project database, selection of key projects, and a comprehensive management system to ensure effective implementation and monitoring [8][9][10].

Core Viewpoint - Suzhou has launched the "Excellence Action Plan" for industrial talent development, aiming to cultivate a skilled workforce aligned with the new industrialization strategy, focusing on key sectors such as new energy, information technology, high-end equipment, new materials, biomedicine, and artificial intelligence [1] Group 1: Talent Development Goals - The plan aims to establish a talent cultivation system by the end of 2027, targeting the training of 100 outstanding entrepreneurs, 1,000 outstanding engineers, and 10,000 outstanding craftsmen [1] - The initiative emphasizes the importance of high-quality talent to address critical issues in the industry and promote sustainable development [1] Group 2: Talent Categories - The program categorizes talent into three groups: outstanding entrepreneurs, outstanding engineers, and outstanding craftsmen, each with specific qualifications and roles [2] - Outstanding entrepreneurs must hold significant positions in national-level champion enterprises or technology centers and have a notable impact in their industry [2] - Outstanding engineers are required to hold senior technical positions in specialized enterprises and have experience in leading projects and overcoming technical challenges [2] - Outstanding craftsmen are skilled workers engaged in manufacturing and production, with expertise in advanced techniques and practical operations [2] Group 3: Implementation Process - The talent recognition process follows principles of openness, fairness, and justice, involving enterprise applications, local recommendations, expert evaluations, and city-level reviews [3] - Different categories of talent will receive varying levels of benefits, with outstanding entrepreneurs classified as C-level, outstanding engineers as D-level, and outstanding craftsmen as E-level [3]

Core Viewpoint - The article highlights the robust development of the Changsha Economic Development Zone, emphasizing its focus on project construction and investment acceleration to drive high-quality economic growth. Group 1: Project Development - Changsha Economic Development Zone has adopted the philosophy of "projects first" and has initiated a "project construction acceleration year" campaign, holding nearly 30 specialized meetings to address challenges and enhance resource support [1] - The opening rate of key provincial and municipal projects for 2025 has exceeded 76%, with a total investment of 636.9 billion yuan across 39 projects, of which 70.35 billion yuan has been invested in the first half of the year, accounting for 60.6% of the annual plan [1] - Significant projects include the high-efficiency energy-saving intelligent motor project, which will feature a digital smart workshop and 20 intelligent production lines, expected to be operational by March next year [2] Group 2: Investment and Economic Growth - The Changsha Economic Development Zone has introduced 62 new projects with a total investment of 329.6 billion yuan this year, including major projects from companies like Zhongke Shuguang and Zhihui Future [6] - The zone is focusing on both traditional and emerging industries, enhancing existing industrial chains while also developing new ones, with projects like sodium energy and advanced manufacturing being prioritized [8][9] - The zone's efforts in optimizing the business environment have led to it ranking sixth among national economic development zones for convenience in 2024, reflecting its commitment to improving service efficiency for enterprises [10] Group 3: Policy and Support Mechanisms - The Changsha Economic Development Zone has implemented a comprehensive project lifecycle management mechanism to streamline processes from negotiation to project completion, reducing approval times by nearly 40% [11] - The zone has introduced flexible land supply management methods to alleviate financial pressures on enterprises while meeting land needs [12] - Various support measures have been enacted, including simplified approval processes and targeted assistance for enterprises, resulting in the resolution of 200 enterprise requests and the organization of numerous recruitment and financing events [12]

Group 1 - The ChiNext 50 Index has undergone a component stock adjustment, increasing the weight of the information technology sector to 41% and adding five technology companies focused on new productivity [1] - Tianfeng Securities notes that the current PE valuation of the ChiNext 50 Index is at a historical percentile of 21.4%, which is relatively low compared to other broad indices like CSI 300 (51.0%) and CSI 500 (47.5%), indicating a more attractive valuation [1] - The current coefficient of variation for the entire A-share market is 0.840, indicating a high level of valuation differentiation, similar to levels seen in April 2022, while the low valuation characteristic of the ChiNext 50 may provide a safety margin [1] Group 2 - The ChiNext 50 ETF, managed by Guotai, tracks the ChiNext 50 Index, which can experience daily fluctuations of up to 20%. The index comprises 50 high-tech companies selected for their large market capitalization and good liquidity [2] - The index focuses on companies in technology innovation and strategic emerging industries, including next-generation information technology, biomedicine, and high-end equipment manufacturing, reflecting the overall market performance of China's growth-oriented innovative enterprises [2] - The index emphasizes selecting high-quality companies with core technologies and continuous innovation capabilities, providing investors with an efficient tool for investing in high-growth technology sectors [2]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced the launch of several specialized indices on July 21, aimed at providing benchmarks for the performance of specialized and innovative small and medium-sized enterprises, thereby guiding capital towards innovation-driven companies [1][2] - The Shanghai Stock Exchange's Sci-Tech Innovation Board Specialized and Innovative Index includes 50 larger "little giant" companies, representing 47.7% of total market capitalization and 41.9% of R&D expenditure among all specialized and innovative securities, with an average R&D intensity of 21.2% [1] - The Shanghai Specialized and Innovative Index consists of 100 larger companies, with 25% from the main board and 75% from the Sci-Tech Innovation Board, covering 54.7% of the market capitalization of specialized and innovative securities in the Shanghai market [1] Group 2 - The CSI Specialized and Innovative 100 Index selects 100 top-ranking "little giant" securities from the Shanghai, Shenzhen, and North markets, covering 33.0% of market capitalization, 20.9% of revenue, 28.8% of R&D expenditure, and 40.0% of net profit among all specialized and innovative listed companies [2] - The Shenzhen Specialized and Innovative Index and the ChiNext Specialized and Innovative Index are based on the Ministry of Industry and Information Technology's list of "little giant" enterprises, selecting 100 companies each, with a weight of 86% and 89% in strategic emerging industries [2] - Projected revenue growth for 2024 is 15% and 14% for the Shenzhen and ChiNext indices respectively, with net profit growth of 6% and 10%, and a compound annual growth rate of R&D expenses over the past three years of 20% and 19% [2]

本报记者 田鹏 毛艺融 此次发布的指数形成了覆盖沪深市场、多层次、多维度的专精特新指数矩阵，各具特色又相互补充。 具体来看，上交所方面，上证科创板专精特新指数选取50只科创板专精特新"小巨人"企业样本，平均研发强度高达 21.2%，样本市值和研发支出占全部科创专精特新证券的比例分别为47.7%和41.9%，精准反映科创板创新特色；上证专精特新 指数涵盖100只沪市企业样本，其中主板占25%、科创板占75%，样本合计市值占沪市专精特新证券的54.7%；中证专精特新100 指数从沪深北市场精选100只企业，沪深北市场样本分别为41只、48只和11只，对全体专精特新上市公司的市值、营业收入、 研发支出和净利润覆盖率分别达33.0%、20.9%、28.8%和40.0%，全面呈现A股专精特新企业分布格局。 深交所方面，深证专精特新指数与创业板专精特新指数，分别从深市、创业板选取100只市值规模大、流动性好的企业作 为样本。截至2025年6月底，两条指数总市值分别达1.5万亿元、1.3万亿元，近一年日均成交金额均超400亿元，可投资容量与 流动性充足。自2018年底基日以来，年化收益率分别为8.3%和9.8%，均优于同期 ...

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) will launch two new indices, the Shenzhen Specialized, Refined, Characteristic, and Innovative (SPCI) Index and the ChiNext SPCI Index, on July 21, 2025, to support innovation-driven development and enhance investment opportunities in specialized and innovative enterprises [1][2]. Group 1: Index Details - The two indices will focus on "specialized, refined, characteristic, and innovative" enterprises within national strategic emerging industries, enriching investment targets in this sector [5]. - Both indices will be weighted by free-float market capitalization and will undergo sample stock adjustments every June and December [4]. - As of June 2025, the total market capitalization of the Shenzhen SPCI Index is 1.5 trillion yuan, while the ChiNext SPCI Index stands at 1.3 trillion yuan, with average daily trading volumes of 41.6 billion yuan and 40.8 billion yuan, respectively [6]. Group 2: Performance and Characteristics - Since their inception at the end of 2018, the annualized returns for the Shenzhen SPCI Index and ChiNext SPCI Index are 8.3% and 9.8%, outperforming the CSI 300 Index, which has a return of 4.4% [6]. - The sample companies in these indices cover strategic emerging industries such as new-generation information technology, new materials, and high-end equipment manufacturing, with weightings of 86% and 89% [6]. - The indices have a high proportion of private enterprises, with 83 and 82 private companies represented, accounting for nearly 80% of the indices' weight [7].

Core Insights - The Shenzhen Stock Exchange (SZSE) will launch the Shenzhen Specialized and Innovative Enterprises Index and the ChiNext Specialized and Innovative Enterprises Index on July 21, 2025, highlighting the importance of specialized and innovative enterprises in promoting new industrialization and developing new productive forces [1][2] Group 1: Specialized and Innovative Enterprises - Specialized and innovative enterprises are crucial for advancing new industrialization and developing new productive forces [1] - As of June 30, 2025, there are 503 specialized and innovative "little giant" enterprises listed on the SZSE, accounting for 47% of the total number of such enterprises in A-shares, with 398 of them on the ChiNext, representing 37% [1][2] Group 2: Index Performance and Characteristics - The total market capitalization of the Shenzhen Specialized and Innovative Enterprises Index and the ChiNext Specialized and Innovative Enterprises Index is 1.5 trillion yuan and 1.3 trillion yuan, respectively, with average daily trading volumes of 41.6 billion yuan and 40.8 billion yuan over the past year [2] - Since the base date at the end of 2018, the annualized returns for the Shenzhen and ChiNext indices are 8.3% and 9.8%, outperforming the CSI 300 Index, which has a return of 4.4% [2] - The sample companies in both indices cover strategic emerging industries such as new-generation information technology, new materials, and high-end equipment manufacturing, with weightings of 86% and 89% [2] Group 3: Financial Performance - In 2024, the revenue growth for the companies in these indices is projected to be 15% and 14%, while net profit growth is expected to be 6% and 10% [2] - The compound annual growth rate of R&D expenses for the past three years is 20% and 19% for the respective indices [2] Group 4: Support for Private Enterprises - Both indices have a high representation of private enterprises, with 83 and 82 private companies included, accounting for nearly 80% of the total weight, reflecting the SZSE's support for the cultivation of private enterprises [2]

Group 1 - The core viewpoint of the news is the launch of a series of specialized indices aimed at supporting "specialized, refined, distinctive, and innovative" companies in the A-share market, which will guide capital towards innovation-driven SMEs and promote their high-quality development [1][9] - The Shanghai Stock Exchange and the China Securities Index Company will release the Shanghai Stock Exchange Specialized and Innovative Index and the China Securities Specialized and Innovative 100 Index on July 21 [1][4] - The Shenzhen Stock Exchange will also launch the Shenzhen Specialized and Innovative Index and the ChiNext Specialized and Innovative Index on the same date [1][4] Group 2 - As of June 2025, China has cultivated a total of 14,600 specialized and innovative "little giant" enterprises, with over 1,000 of them being listed on the A-share market [3] - These "little giant" companies are characterized by their strong innovation capabilities, high mastery of core technologies, and leading market shares in niche segments, despite having smaller market capitalizations [2][3] - The average market capitalization of A-share specialized and innovative "little giant" listed companies is approximately 6.7 billion, with an average revenue of about 1.3 billion in 2024 [3] Group 3 - The newly launched indices will provide a performance benchmark for specialized and innovative listed companies, with the Shanghai Specialized and Innovative Index selecting 100 larger companies, where 75% are from the Sci-Tech Innovation Board [5] - The China Securities Specialized and Innovative 100 Index covers 100 top-ranked "little giant" securities from the Shanghai, Shenzhen, and Beijing markets, reflecting the distribution of specialized and innovative companies in the A-share market [5] - The Shenzhen Specialized and Innovative Index and the ChiNext Specialized and Innovative Index have a total market capitalization of 1.5 trillion and 1.3 trillion respectively, with average daily trading volumes of 41.6 billion and 40.8 billion [5][6] Group 4 - The indices are expected to enhance the capital market's service to the real economy, providing investors with diverse investment tools and supporting the high-quality development of SMEs [9] - The indices will also promote long-term and value investment concepts, encouraging more medium to long-term capital to enter the market [9] - The Shenzhen Stock Exchange aims to leverage the indices to guide market resources towards technology innovation enterprises, providing diversified investment targets for investors to share in the growth dividends of these sectors [9]